Samba says creditor objection period for merger with NCB ends today

The creditor objection period in relation to merger between Samba Financial Group and National Commercial Bank (NCB) ends today, March 31, 2021.

According to Article 193 of the Companies Law, the merger will become effective upon the creditor objection period's expiry if there are no unresolved objections from the bank's creditors.

Shareholders of NCB and Samba approved on March 1, 2021, the merger of both banks, during their respective extraordinary general meetings (EGM), Argaam reported.

A trading halt will be placed on Samba shares on April 1, 2021, in case of no unresolved objections from the bank's creditors.

Samba shares will be de-listed from the Saudi Stock Exchange (Tadawul) on the effective date of the merger.

Samba shares will be delisted within a period of no less than the third trading period and not exceeding the sixth trading period after the effective date.

Moreover, Samba’s commercial registration certificate will be canceled within a period of 30 days maximum from the effective date, which is expected to take place on April 29, 2021.

Details of NCB Capital Increase
Current capital	SAR 30 mln
No. of shares	3 bln shares
Post-increase capital	SAR 44.78 bln
No. of shares post-increase	4.48 bln shares
Increase	49.3%
Purpose of increase	Merge Samba Financial Group into NCB through transferring the former's assets and liabilities to the latter under share swap.
Increase method	The issuance of 1,478 million ordinary shares for the planned merger, and transfer of Samba's assets and liabilities to NCB through the swap agreement.
Swap co-efficient	Samba shareholders will receive 0.739 share in NCB for each owned share in Samba.
Eligibility	Samba shareholders of record at the end of the second trading period following the effective date.

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